#99acresInsite: Top performers in Kolkata in Q2 2017

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kolkata top performers

Kolkata’s real estate market continued to remain largely unresponsive to the policy changes in the second quarter (Q2) of 2017. However, the proposed infrastructure upgrades helped keep the future outlook positive.

Despite subdued market sentiment in Apr-Jun 2017, several housing localities in Kolkata managed to witness a capital appreciation of three to four percent, each. As per the 99acres’ Insite (Apr-Jun 2017), proposed connectivity links played a major role in propelling housing demand and enquiries in   these belts.

99acres analyses the top five micro-markets in the city that witnessed the healthiest movement in capital ‘asks’ during the quarter:

 

Locality

Capital values (Apr-Jun 2017)*

QoQ growth**

Dakshineswar

Rs 3,550

4%

Dunlop

Rs 3,900

4%

Netaji Nagar

Rs 4,000

4%

Uttarpara

Rs 2,950

4%

Bagha Jatin

Rs 3,750

3%

*psf rates are based listings posted on 99acres.com in Apr-Jun 2017

**QoQ growth depicts the changes in capital ‘asks’ over the last two quarters

Dakshineswar: Located in the north Kolkata, Dakshineswar enjoys easy access to the airport, which acts as a major growth driver for the micro-market. The locality witnessed capital prices surging by four percent, QoQ, to reach Rs 3,550 per sq ft in AprlJun 2017.

Sayantan Dutta, a city-based consultant, added that the upcoming Dakshineswar-Barasat metro line is also expected drive significant realty demand in the region. This project had been stuck for years due to land acquisition issues. However, with the government working towards weeding out the hurdles, the extension of the metro corridor to Dakshineswar is likely to be completed by January 2019. The improvement in buyer sentiment resulting from this led the seller community hike their quotes.

Dunlop: According to 99acres’ Insite (Apr-Jun 2017), the popular commercial area of Dunlop reported average residentialquote kolkata values of residential apartments hover around Rs 3,900 per sq ft. Located next to Dakshineswar, Dunlop’s housing demand strengthened due to its proximity to the Barrackpore Trunk (BT) Road. Experts attribute the hike to the connectivity advantages offered by this four-laned road.

Netaji Nagar: Another locality that posted a four percent appreciation in the housing prices in Q2, 2017 was Netaji Nagar. Residential properties here are currently priced at Rs 4,000 per sq ft. The proximity to Netaji Subhash Chandra Bose Road and Masterda Surya Sen metro station, along with the presence of several educational institutes and healthcare facilities have cumulatively contributed to the popularity of Netaji Nagar as a sought after realty hub.

Uttarpara: Well known as an industrial area, Uttarpara has been garnering incremental traction on the back of hassle-free connectivity provided by public transport. Ample social amenities, smooth connectivity to the airport, and availability of affordable housing options have made Uttarpara a popular among investors. Properties in this locality are attractively priced at around Rs 2,950 per sq ft and managed a four percent rise in capital ‘asks’ in Q2, 2017 over the last quarter.

Bagha Jatin

Surrounded by prominent localities such as Ballygunge and Garia, Bagha Jatin is a residential area popular among the upper middle class residents of Kolkata. The micro-market enjoys sound connectivity via EM Bypass, Bagha Jatin railway station and bus terminal. Posting a three percent growth in Q2, 2017, capital prices in Bagha Jatin are currently pegged at Rs 3,750 per sq ft.

Other key markets 

Meanwhile, several other localities in the city also witnessed prices growing by three percent. These include Bara Nagar, Howrah, Salt Lake, Madurdaha, New Garia, Khardah, and Sakher Bazar, with prices ranging from Rs 2,725-5,850 per sq ft.

One of the most popular residential localities in Kolkata, it was not surprising to see Salt Lake among the top grossers. In addition, its proximity to business districts helped it remain at the top of the rental charts with 10 percent YoY rise.

Meanwhile, Khardah and Bara Nagar benefitted from their proximity to Dunlop, while the expansion of the East-West metro corridor favoured Howrah’s realty fortunes. Similarly, strategic location, seamless road connectivity, excellent public transport services spruced up sentiments in Sakher Bazar, an upmarket locale in south Kolkata. The Joka-BBD Bagh metro line is expected to further amp up the region’s realty potential in the coming quarters.


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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  • Comments
  • Ram Agrahari August 4, 201711:27 am

    Hello Friends,
    Thanks For Sharing such a nice and informative Articles With us.It is very useful.

    Reply
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